The Editorial Team |

Marriott International debuts First Hotel in West Africa in Conakry

CONAKRY (Capital Markets in Africa) – Sheraton Hotels & Resorts, part of Marriott International, Inc. (NASDAQ:MAR), today announced the debut of Sheraton Grand in Africa with opening of Sheraton Grand Conakry, welcoming it to the brand’s premier tier of hotels recognized for their exciting destinations, distinguished designs, and excellence in service and guest experiences. The newly built hotel marks Marriott International’s entry into Guinea, West Africa and joins a portfolio of more than 35 Sheraton…

AfDB approves the first Multi-jurisdictional Fixed Income ETF in Africa

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PORT LOUIS (Capital Markets in Africa) – The African Development Bank (AfDB) has appointed MCB Investment Management (MCBIM), a subsidiary of MCB Capital Markets, as Fund Manager for its first multi-jurisdictional Fixed Income Exchange Traded Fund (ETF) in Africa. The Board of Directors of the AfDB has also approved a seed equity capital investment of USD 25 million for the ADBF. The primary objective of the African Domestic Bond ETF (ADBF) is to encourage bond…

Crowding the private sector into Africa’s climate action

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LAGOS (Capital Markets in Africa) – The global community for climate action was spooked by the November 8 election of Donald Trump as the next President of the United States. The US President-elect had earned the sobriquet of “climate denier,” for his claim that climate change is a hoax. However, there is cautious optimism that his presidency will not overturn the global agenda on climate change. Hopefully, his views on climate change will change and…

Ghanaian President-Elect Akufo-Addo Walks in Father’s Steps in Rise

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ACCRA (Capital Markets in Africa) – Ghanaian president-elect Nana Akufo-Addo’s family is such an institution in the West African nation that his father’s portrait is printed on its currency. So is his uncle’s. A lawyer and former foreign minister, Akufo-Addo has always been a public figure. He won last week’s election against incumbent President John Mahama after vowing to create jobs, encourage mining of untapped bauxite deposits and boost agriculture in the impoverished north by building…

Ethiopia’s Foreign Investment Stalls After Attacks on Businesses

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Addis Ababa (Capital Markets in Africa) – Foreign investment in Ethiopia is stalling after a series of demonstrations against international companies. Investment was about $500 million in the three months ended Oct. 10 compared with the same period a year earlier, according to Investment Commissioner Fitsum Arega. Foreign investment had gained 20 percent a year on average for the past six years, including a 50 percent jump last year, he said by phone from Addis…

Free-Float Rollback Targeted in Nigeria Lawmaker’s Currency Bill

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LAGOS (Capital Markets in Africa) – A Nigerian lawmaker is proposing a new currency law that would give the central bank legal powers to set exchange rates, effectively rolling back the nation’s six-month-old free float. The bill, sponsored by opposition politician John Enoh, would repeal existing foreign-exchange legislation, under which market rates are “mutually agreed” between counterparties, and allow the Abuja-based regulator to decide those rates itself. The draft has been through two readings in the Senate and will…

OPEC’s Ideal Price Is $60 to Avoid Shale Revival, Nigeria Says

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LAGOS (Capital Markets in Africa) – Oil prices at $60 a barrel would be “ideal” for OPEC, as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister. The “urgency” felt by the Organization of Petroleum Exporting Countries and its partners to end the oil rout will ensure they adhere to their Dec. 10 agreement to cut supplies, Emmanuel Kachikwu said in a Bloomberg Televisioninterview. The accord should push prices…

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